08/16/2024
08/16/2024: Ohio's Travel Industry and Current Travel Research
THOUGH 39% AGREE WE WILL ENTER A RECESSION IN THE NEXT SIX MONTHS, AMERICANS ARE FEELING BETTER OFF FINANCIALLY COMPARED TO LAST YEAR, ESPECIALLY MILLENNIALS AND YOUNGER. BUSINESS TRAVEL CONTINUES TO GROW.
Key findings from Future Partners, fielded July 16-27:
- Compared to last year at this time, travelers are feeling better off financially. When asked if they were better or worse off:
- 34% said better or much better off compared to 27% in 2023.
- 37% said neither better nor worse.
- 30% said worse or much worse off.
- For the 34% who said they were better or much better off:
- 47% were millennials or younger.
- 30% were Gen X.
- 24% were boomer or older.
- Travelers also feel now is a good time to spend on leisure, with 34% saying it is a good time or a very good time.
- 39% of American travelers agree or strongly agree that we will enter a recession in the next six months. Of this 39%:
- 45% were Millennials or younger.
- 41% were Gen X.
- 30% were Boomer or older.
- As for business travel, 22% took one or more overnight business trips one month prior to July 16. This is up from about 17% in 2023.